Dealers are offering discounts of more than 50% on ex-demonstrator electric cars as they battle slowing demand.
The incentives mean that low-mileage examples of EVs such as the Nissan Leaf and Vauxhall Mokka Electric can be bought for less than their nearest petrol-powered equivalents with similar mileage.
They are being offered in part to ensure the ex-demo EVs undercut new models, which are also being offered with sharp discounts to boost sales as manufacturers try to hit their zero-emission vehicle (ZEV) mandate targets.
There is also a supply-and-demand factor: because tax incentives encourage company car buyers – which account for the bulk of EV sales – to opt for new cars, there is still only a limited market for used EVs. Yet there is a large amount of stock, owing to the volume of pre-registered EVs.
Autocar found a 2023 Leaf N-Connecta with 1500 miles listed at a dealer in Belfast for £13,999, a 54% reduction on its list price of £30,400.
Meanwhile, a 2023 Vauxhall Mokka Electric Ultimate with 1800 miles was available at a Great Yarmouth dealer for £17,798 – also down 54% on list.
As for ICE models, a 2023 Nissan Qashqai with 3800 miles was offered for £22,911, reduced by only 27%, while a 2023 Mokka Ultimate that had covered just 2500 miles was £20,990, down 29%.
This drastic drop in prices of nearly new electric cars comes as manufacturers also push sales of new EVs in order to hit government-imposed emissions targets and thereby avoid big fines.
Major manufacturers have introduced enticing incentives to stimulate sales of their electric models. Skoda, for example, is currently offering 0% APR finance and large deposit contributions on brand-new Enyaqs. Terms for an Enyaq through Skoda’s approved-used programme typically range from 11-15% APR, with deposit contributions of up to £1000.
According to Chris Plumb, an EV specialist at Cap HPI, it is “very difficult” for dealers to know where to price nearly new EVs in order to generate interest, given the pressures on manufacturers to sell the new EVs that count towards the ZEV target (this year it is 22% of total sales).
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Subtext: Many new EVs, especially from legacy car makers, have been overpriced and should actually be at price parity with fossil cars. On a related point, Autocar needs to refresh its car review process and include emissions data, espcially NOx and particulates from exhaust fumes. Any discussion of EVs vs fossil cars, which Autocar loves to get bogged down in, should aknowledge the massive pollution caused by internal combustion engines. Failure to do this is irresponsible. While you're at it, another key measure should be powertrain efficiency, since in real-world use, internal combustion cars are 4-5 times LESS efficient than EVs.
I honestly find that hard to believe is correct, as my yaris cross is brilliant on fuel over 60 mpg costing about 10p per mile even with the hight duty on fuel and 20% vat verse an Ev getting about 3 miles per killowatt paying no duty and 5% vat on domestic tariff.Also, if you charge an ev at charging station the cost would be up to three times more and would cost a lot more in tyre wear and brake pads. It only makes sense on benefit in kind tax for company car users to have one ,assuming that the depreciation is no problem on the lease as subsidised. They also will wear the roads out due to being 400 to 500 kg heavier. non plug inhybrids are the way, perhaps in a few years solid state batteries may improve the situation,with current lithium technology the breakeven point is 90000 miles in Europe and 120000 miles in China ,so mosy users would not achieve that so would be mor epolluting .
That's so biased Skikid. A Model 3 will do 4 miles per kilo let alone a Yaris sized car, overnight charging is a fraction of the cost, a set of brake pads last a long time in an EV because most braking is done by regen, BEV need next to no servicing, damage to road what about the damage to our lungs and cost to NHS.
But at the end at leaast you realise a BEV is cheaper despite 90k being a made up figure.
You picked just 2 examples, the Leaf is about to be replaced and the other one is an unpopular overpriced when new Vauxhall. Also, why have you ommitted the details.
Show actual examples of a MG4, Kona and a Tesla for a fairer comparision, then lets see how the headline holds up.